Katelyn contributed land with a $5,000 basis and a $9,000 FM…
Katelyn contributed land with a $5,000 basis and a $9,000 FMV to KB Partnership 4 years ago. This year the land is distributed to Bob, another partner in the partnership. At the time of distribution, the land had a $12,000 FMV. How much gain should Katelyn and Bob recognize?
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